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Investment Securities
 12 Months Ended
Dec. 31, 2023
Investment Securities [Abstract]  
Investment Securities
(3)
Investment Securities

The amortized cost, unrealized gains and losses, estimated fair values and related allowance for credit losses  on investments in debt and other securities at December 31, 2023 are summarized as follows:

 
Amortized
cost
    
Unrealized
gains
    
Unrealized
losses
    
Estimated
fair value
     ACL
  
Investment securities available-for-sale:
                              
U.S. Treasury securities
  
$
90,063
    
$
134
    
$
(3,015
)
  
$
87,182
     $
 —  
Securities of U.S. government agencies and corporations
    
121,305
      
105
      
(6,331
)
    
115,079
       —  
Obligations of states and political subdivisions
    
55,021
      
237
      
(3,581
)
    
51,677
       —  
Collateralized mortgage obligations
    
107,658
      
15
      
(16,726
)
    
90,947
       —  
Mortgage-backed securities
    
246,267
      
242
      
(19,037
)
    
227,472
       —  
                                     
 
Total debt securities
  
$
620,314
    
$
733
    
$
(48,690
)
  
$
572,357
     $
 —  

The amortized cost, unrealized gains and losses and estimated fair values of investments in debt and other securities at December 31, 2022 are summarized as follows:

 
Amortized
cost
    
Unrealized
gains
    
Unrealized
losses
    
Estimated
fair value
  
Investment securities available-for-sale:
                        
U.S. Treasury securities
  
$
119,644
    
$
13
    
$
(5,842
)
  
$
113,815
  
Securities of U.S. government agencies and corporations
    
128,697
      
20
      
(9,806
)
    
118,911
  
Obligations of states and political subdivisions
    
58,955
      
13
      
(5,642
)
    
53,326
  
Collateralized mortgage obligations
    
114,983
      
—
      
(19,633
)
    
95,350
  
Mortgage-backed securities
    
261,505
      
56
      
(24,871
)
    
236,690
  
                                 
Total debt securities
  
$
683,784
    
$
102
    
$
(65,794
)
  
$
618,092
  

Gross realized gains from sales and calls of available-for-sale securities were $96 and $0 for the years ended December 31, 2023 and 2022, respectively. Gross realized losses from sales of available-for-sale securities were $208 and $152 for the years ended December 31, 2023 and 2022,  respectively.

The amortized cost and estimated fair value of debt and other securities at December 31, 2023, by contractual maturity, are shown in the following table:

 
Amortized
cost
    
Estimated
fair value
  
             
Maturity in years:
            
Due in one year or less
  
$
78,883
    
$
77,408
  
Due after one year through five years
    
131,352
      
124,600
  
Due after five years through ten years
    
29,523
      
27,427
  
Due after ten years
    
26,631
      
24,503
  
Subtotal
    
266,389
      
253,938
  
Mortgage-backed securities and Collateralized mortgage obligations
    
353,925
      
318,419
  
Total
  
$
620,314
    
$
572,357
  

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. In addition, factors such as prepayments and interest rates may affect the yield on the carrying value of mortgage-related securities.

An analysis of gross unrealized losses of the available-for-sale investment securities portfolio as of December 31, 2023, follows:

 
Less than 12 months
    
12 months or more
    
Total
  
   
Fair Value
    
Unrealized
losses
    
Fair Value
    
Unrealized
losses
    
Fair Value
    
Unrealized
losses
  
U.S. Treasury securities
  
$
—
    
$
—
    
$
77,203
    
$
(3,015
)
  
$
77,203
    
$
(3,015
)
Securities of U.S. government agencies and corporations
    
3,424
      
(7
)
    
97,057
      
(6,324
)
    
100,481
      
(6,331
)
Obligations of states and political subdivisions
    
4,981
      
(31
)
    
32,578
      
(3,550
)
    
37,559
      
(3,581
)
Collateralized mortgage obligations
    
6,597
      
(26
)
    
80,995
      
(16,700
)
    
87,592
      
(16,726
)
Mortgage-backed securities
    
17,023
      
(124
)
    
182,626
      
(18,913
)
    
199,649
      
(19,037
)
                                                 
Total
  
$
32,025
    
$
(188
)
  
$
470,459
    
$
(48,502
)
  
$
502,484
    
$
(48,690
)

Thirty-one securities, all considered investment grade, which had a fair value of $32,025 and a total unrealized loss of $188 have been in an unrealized loss position for less than twelve months as of December 31, 2023.  Four hundred fifty-four securities, all considered investment grade, which had a fair value of $470,459 and total unrealized loss of $48,502,  have been in an unrealized loss position for more than twelve months as of December 31, 2023.  The unrealized losses on the Company’s investment securities were caused by market conditions for these types of investments, particularly changes in risk-free interest rates.  The decline in fair value is attributable to changes in interest rates and not credit quality, and the Company does not intend to sell the securities.  The Company has concluded it is not more likely than not that the Company will be required to sell these securities prior to recovery of their anticipated cost basis. Therefore, as of December 31, 2023, the Company has not recorded an allowance for credit losses on these securities and the unrecognized or unrealized losses on these securities have not been recognized into income.

The fair value of investment securities could decline in the future if the general economy deteriorates, inflation increases, credit ratings decline, the issuer’s financial condition deteriorates, or the liquidity for securities declines. As a result, an allowance for credit loss may occur in the future.

An analysis of gross unrealized losses of the available-for-sale investment securities portfolio as of December 31, 2022, follows:


  
Less than 12 months
    
12 months or more
    
Total
  
   
Fair Value
    
Unrealized
losses
    
Fair Value
    
Unrealized
losses
    
Fair Value
    
Unrealized
losses
  
U.S. Treasury Securities
  
$
54,574
    
$
(1,680
)
  
$
56,872
    
$
(4,162
)
  
$
111,446
    
$
(5,842
)
Securities of U.S. government agencies and corporation
    
45,261
      
(1,341
)
    
69,635
      
(8,465
)
    
114,896
      
(9,806
)
Obligations of states and political subdivision
    
40,479
      
(3,022
)
    
10,049
      
(2,620
)
    
50,528
      
(5,642
)
Collateralized mortgage obligations
    
36,040
      
(2,586
)
    
59,310
      
(17,047
)
    
95,350
      
(19,633
)
Mortgage-backed securities
    
99,250
      
(6,131
)
    
131,951
      
(18,740
)
    
231,201
      
(24,871
)
                                                 
Total
  
$
275,604
    
$
(14,760
)
  
$
327,817
    
$
(51,034
)
  
$
603,421
    
$
(65,794
)

Investment securities carried at $43,884 and $44,318 at December 31, 2023 and 2022, respectively, were pledged to secure public deposits or for other purposes as required or permitted by law.